Aramco Creates Standalone Gas Division Amid Efforts to Diversify Kingdom's Economy

Saudi Aramco is planning to create a standalone gas division as part of its major reorganization. This move aligns with the strategy of Gulf state oil companies to offer outside investors pieces of their businesses while retaining operational control.

The new gas business will allow Aramco to develop its natural gas resources domestically and build a liquefied natural gas (LNG) portfolio abroad.

Aramco has been seeking outside capital in efforts to support the kingdom's drive to reduce its reliance on oil. The company is also exploring other ways to raise cash, including lease-and-leaseback agreements.